Fox (FOXA) MoffettNathanson's 2026 Media, Internet & Communications Conference summary

Strategic positioning and focus

• Emphasis on live news, live sports, and AVOD with Tubi, driving focus and momentum.

• Strong ratings gains across news and sports, with upcoming events like the World Cup and elections expected to boost performance.

• Pristine balance sheet provides flexibility for shareholder returns and selective M&A.

• Organic investments in digital initiatives and disciplined approach to acquisitions, seeking alignment with core strengths.

• No major acquisition yet, but ongoing search for opportunities that fit strategic objectives.

Sports rights and platform strategy

• Monetization of increased sports rights costs through advertising and distribution revenues.

• Recent addition of two new national NFL windows, accretive to EBITDA.

• Tubi used for marketing and brand awareness via select sports simulcasts, not as a primary sports platform.

• FOX One leverages sports for subscriber acquisition and retention, with indirect benefits to rights decisions.

News and digital engagement

• FOX News maintains leading cable and digital presence, with strong ratings and audience growth.

• Major news events drive significant viewership; competitive threats acknowledged but not prompting strategic pivots.

• YouTube channel attracts a younger audience, with 2 billion views last quarter, supporting cross-platform engagement.